• UK-EU fail to reach Brexit deal in Brussels
  • PM May says need more consultation on some issues
  • GBP falls back on the news after earlier rising on hopes of a deal

Reports that the UK and EU have failed to reach a “complete” agreement over the UK’s first phase divorce talks with the EU in Brussels have seen the pound fall back after earlier moving higher. 

Speaking after talks with the European Commission’s negotiators, Jean-Claude Juncker said: “Despite our best effort and significant effort, it was not possible to reach a complete agreement today.” He went on to state that “this is not a failure, this is the start of the very next round” but the markets are clearly unimpressed and after earlier rising across the board the pound is now lower on the day. 

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 The GBPUSD has handed back its earlier gains after the failure for a breakthrough in Brexit talks was announced. Source: xStation

Sterling had moved higher this morning following comments from MEPs Lamberts who stated that Barnier had told MEPS a breakthrough was likely today. The subsequent failure to manage a breakthrough has seen the GBPUSD complete a round trip and hand abck the earlier gains.